World Bank to exit upstream oil and gas after 2019

However, World Bank said it would continue to finance certain gas projects in the poorest countries in exceptional circumstances.

However, they've stopped supporting coal-fired power plants and thermal coal mining, and this new announcement will put a halt to the majority of all fossil fuel extraction. Alternatively, please call +44 (0) 20 3004 6203 and one of our representatives would be happy to walk you through the service.

Stephen Kretzmann, Oil Change International's Executive Director, praised the announcement by World Bank: "Environmental, human rights, and development campaigners have been amplifying the voices of frontline communities for decades in calling for an end to World Bank financing of upstream oil and gas projects".

In effort to bolster a global shift to clean energy, the World Bank - which provides financial, advisory and technical support to developing countries - announced it will "no longer finance upstream oil and gas, after 2019".

Alongside the World Bank's announcement, the French company Axa-one of the world's largest insurers-announced Tuesday that it plans to dump investments and stop providing insurance to USA oil pipelines as well as quadruple its investments in environmentally-friendly projects by 2020.

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"Everyone should be concerned about risk exposure as we move forward", she said.

Help us bring you the perspectives and insight that you won't find in the mainstream media. #NotAPennyMore means stopping funding to ALL fossil fuel projects - including coal and infrastructure. Those risks now include the global push to combat climate change.

The economics surrounding the energy sector are increasingly making it more attractive for entities to switch to renewable energy.

The World Bank has also committed to reporting greenhouse gas emissions from the investment projects it finances in key emissions-producing sectors such as energy from next year.

The EDC provided almost $12-billion (Canadian) in support for the oil and gas sector previous year for services such as receivables insurance, and working capital insurance and other export-related financial products. "Today the World Bank has raised the bar for climate leadership".

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